Grundig lays off 423 employees

Editor: Anke Schröter

The electronics manufacturer Grundig is to lay off every forth employee. The company names the current economic crisis as reason for the layoffs.

The Turkey based Koc Group, which has bought Grundig, has explained that 432 employees will be affected by the measures. Declining demand at home and abroad was given as reason for the layoffs. Grundig plans to increase production of modern LCD TVs.